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Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited

North Atlantic Drilling Limited · Feb 26, 2015 · 19 slides

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Slides

  1. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 1
    North Atlantic Drilling Ltd. Fourth quarter and preliminary 2014 results February 26, 2015
  2. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 2
    Agenda Highlights Fourth Quarter Contract Backlog Market Outlook Fourth Quarter 2014 Financials Q &A 3
  3. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 3
    Highlights Third quarter EBITDA and Margin Quarterly EBITDA of US135 180 160 70,0 % 60,0 % 140 million 120 50,0 % 100 40,0 % 80 30,0 % Economic utilization at 92 percent 60 20,0 % 40 20 10,0 % Non-cash charge to…
  4. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 4
    Agenda Highlights Fourth Quarter Contract Backlog Market Outlook Fourth Quarter 2014 Financials Q&A 5
  5. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 5
    Fleet status Current Contract status Rig Client dayrate (USk/day) 2015 2016 2017 2018 2019 2020 Semi-submersibles West Alpha 523/539 552 to Q2 2021 West Venture 431 West Phoenix 465 West Rigel Drillships West…
  6. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 6
    Contract Coverage Contract coverage 2015-2017 Contract backlog of US5.7 bn, including US4.1 bn with Rosneft 2015 16% Differentiated by premium harsh environment 84% assets and high operational performance 2016 25% High…
  7. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 7
    Agenda Highlights Fourth Quarter Contract Backlog Market Outlook Fourth Quarter 2014 Financials Q&A 8
  8. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 8
    Decline in oil price driven by global oversupply Decline in oil price is directly affecting free cash flow for most oil companies Oil companies react to lower oil prices by reducing spending on exploration and development…
  9. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 9
    Margin drives long term investments US shale production growth has continued, but reduction in onshore drilling activity suggests that the growth rate will be decreasing Longer term oil prices expected to be set by marginal cost…
  10. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 10
    Increased scrapping activity expected and needed Recent older floater investment examples Current floater average age in Rig Year/Quarter Total cost1 Norway is 21 years and in the UK 33 years Songa Dee 2014/4Q US105 million Songa…
  11. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 11
    Agenda Highlights Fourth Quarter Contract Backlog Market Outlook Fourth Quarter 2014 Financials Q&A 12
  12. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 12
    Amendments to debt agreements North Atlantic Drilling amends the following debt agreements NOK 1.5 billion bond agreement US2 billion secured credit facility US475 million secured credit facility North Atlantic Drilling receives…
  13. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 13
    Financial reporting highlights This quarter Previous quarter EBITDA US135 m US168 m Earnings per share US(2.0) US0.29 Operating (loss)/profit US(403) m US111 m Financial items US(60) m US(24) m Cash flow from…
  14. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 14
    Operating Income - Total 4Q14 3Q14 2Q14 1Q14 Unaudited accounts in USD millions Contract revenues 267 297 269 226 Reimbursables 24 46 58 32 Related party revenues - 13 16 16 Total operating revenues 291 356 343 274 Vessel…
  15. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 15
    Net Income - Total 4Q14 3Q14 2Q14 1Q14 Unaudited accounts in USD millions Net operating (loss)/income (403) 111 105 71 Financial items Interest expense (26) (27) (27) (23) Gain / (loss) on derivatives (60) (13) (19) 5 Other…
  16. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 16
    Balance Sheet - Assets December September June March 31, 2014 30, 2014 30, 2014 31, 2014 Current assets Cash and cash equivalents 116 100 81 114 Restricted cash 11 8 14 9 Accounts receivables, net 235 263 272 198 Related party…
  17. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 17
    Balance Sheet Liabilities and Shareholders Equity December September June March 31, 2014 30, 2014 30, 2014 31, 2014 Current liabilities Current portion of long-term debt 218 218 218 206 Related party transaction 17 23 18 50 Tax…
  18. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 18
    Agenda Highlights Fourth Quarter Contract Backlog Market Outlook Fourth Quarter 2014 Financials Q&A 19
  19. Fourth quarter and preliminary 2014 results – North Atlantic Drilling Limited – slide 19
    Q&A

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